China approves Tencent's $3.5b deal to take Sogou private

China approves tech giant Tencent's plan to take Sogou private in a $3.5 billion deal. /CFP

China's market regulator on Monday unconditionally approved tech giant Tencent's plan to take search engine Sogou private in a $3.5-billion deal, according to a statement by the State Administration of Market Regulation.

Announced in September, the deal allows Tencent to buy approximately 56.5 percent of the U.S.-listed Sogou that it does not already own.

Sogou, Sohu's subsidiary, was founded in 2005 and went on U.S. IPO in 2017.